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    Economic Coordination Committee (ECC) meeting held

    Economic Coordination Committee (ECC) meeting held

    Chitral Times Report

    ISLAMABAD: Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at Finance Division, today. Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal, Federal Secretaries, Chairman FBR and other senior officers attended the meeting. Ministry of Energy, Petroleum Division submitted a summary on High Speed Diesel (HSD)/Gas Oil premium and shared that the demand for HSD has been substantially increased due to ongoing sowing season and rehabilitation efforts after the floods in the country. With regard to premium reimbursement to importers for smooth and sustainable supply of HSD in the country, the ECC allowed premium on HSD subject to maximum capping at US$ 16.75/BBL for importing OMCs other than PSO for the months of November, 2022.

    The ECC also considered the summary of Ministry of Energy, Power Division on standardized security package agreements for large-scale solar PV projects for substitution of expensive imported fossil fuels based power generation under the framework and approved the summary except special payment mechanism and quarterly indexation as was proposed in the Summary. Further the ECC authorized Boards of AEDB and CPPA-G to approve any amendments in the IA (Implementation Agreement) and EPA (Energy Purchase Agreement), as the case may be, that are project specific and may be required to comply with NEPRA’s Tariff Approval and/or Generation License for specific projects, subject to the condition that such amendments will not increase GOP obligations as contemplated and stipulated in the standard Security Package Documents.

    It was shared that GoP plans to develop large scale solar PV projects for substitution of existing imported fossil fuel based thermal power plants within their technical and contractual limits through private sector on Built Own Operate and Transfer (BOOT) basis. The ECC discussed summary submitted by Ministry of National Food Security & Research submitted on Kissan Package-2022 and approved the package as proposed in the Summary. Inter-alia the package includes, enhancement of agriculture loan disbursement from 1,419 billion to 1,802 billion, reduction in DAP price to Rs. 11,250/- per bag from Rs. 13,750/- and Interest free loans to convert 3 lac tube wells to solar. The ECC after detailed discussion approved proposal of Finance Division for revision and renaming of Prime Minister’s Kamyab Jawan- Youth Entrepreneurship Scheme (PMKJ-YES) as Prime Minister’s Youth Business & Agriculture Loan Scheme (PMYB & ALS) with a view to make it more purposeful and beneficial for small businesses and agriculture.

    New components of interest free microloans and agriculture loans have been added in the new scheme. Strategic Plan Division tabled a summary regarding transfer of Heavy Electrical Complex (HEC) and State Engineering Corporation (SEC) Land to HMC and HMC-3.It was informed that the decision is needed to settle the land issue of HEC for completion of its privatization.

    The ECC after deliberation approved that the lands under consideration may be transferred from State Engineering Corporation and HEC to HMC and HMC-3 respectively along-with liabilities and subject payment of requisites dues. The ECC approved the summary of ministry of Ministry of National Health Services, Regulations for technical Supplementary Grant as rupee cover for the remaining amount of ADB Financing Agreement of USD 12.20 million equivalent to Pak Rupee 2,928 million (out of USD 500 million committed by ADB), for procurement of COVID-19 vaccine and discharging liability of COVID-19 campaign during current financial year 2022-23.

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